“Paramount CEO David Ellison is at the final hurdle before buying WBD. So far, he can’t clear it”
What actually happened
Paramount Skydance's proposed acquisition of Warner Bros. Discovery has cleared every global regulator, including the DOJ's Antitrust Division, leaving a group of 12 state attorneys general, led by California's Rob Bonta, as the last legal challenge before the deal can close. A planned settlement meeting between Paramount and Bonta's office collapsed after a leak of the discussions, with Bonta accusing Paramount of a "lack of good faith" and Paramount denying it was the source.
Key facts
- A trial in the antitrust case is scheduled for March.
- Paramount had previously agreed to delay the acquisition to as late as June 2027 due to the legal challenge.
- Paramount has been pushing hard for a deal to allow its $111 billion merger with Warner Bros. Discovery to close., versus the $110 billion figure cited in the article, reflecting minor rounding differences across outlets.
- The trial has been set by a federal judge for March 2, 2027.
- If the deal is delayed beyond Sept
- related deadlines, additional costs stack on top of the price tag, per the article's own reporting.
- Bonta said any resolution would require "robust structural remedies" that would change the shape of the media mega-merger.
What to watch for
Watch whether Bonta's office reopens talks or whether the case proceeds straight to the March 2027 trial; a settlement collapse this close to trial often signals both sides are positioning for court rather than genuinely done negotiating. Also watch whether the "Tennessee relocation" threat resurfaces, since it already backfired once by handing Bonta a "blackmail" talking point.
California AG Rob Bonta cancels Paramount settlement meeting, citing ‘lack of good faith’ – CNBCParamount, California AG office reportedly plan to meet Monday to discuss settling WBD lawsuit – CNBCParamount and state AGs will head to negotiating table in WBD merger fight – CNN BusinessCalifornia AG Bonta Cancels Settlement Meeting With Paramount – DeadlineParamount and State A.G. to Meet Monday to Discuss Settlement of Antitrust Case – Variety
